Reference no: EM132810742

Question 1: When choosing a business form, what are they key differences between a proprietorship, a partnership and a corporation?

Question 2: What are the seven characteristics of a partnership?

Question 3: What are the differences between a/an

1. Limited liability partnership
2. Limited liability corporation
3. S corporation?

Question 4: What factors are taken into consideration when choosing a business form?

Question 5: What are the three methods used to allocate income or loss? Explain each method.

Question 6: What accounts are affected when recording the admission of a new partner when the new partner contributes cash?

Question 7: What are the two ways a partner generally withdraws from a partnership?

Question 8: What does capital deficiency mean? What happens if a partner cannot pay a deficiency?

Question 9: When there is death of a partner, what happens to the partnership?

Question 10: What are the steps taken when a partnership is liquidated?